Credit and Debit Cards
Home Equity and Refinancing
Credit Reports

How do you establish first-time credit?

373839

Top Answer
User Avatar
Wiki User
2015-09-24 22:05:21
2015-09-24 22:05:21

== Consumers desirous of establishing a good credit record should start off by applying for a credit card. The companies that monitor credit history compile information based on your payments and responsible consumers build up a good credit report by promptly paying off what they owe. A second consideration, especially if the consumer did not qualify for a conventional credit card, is to apply for secured credit. This method lessens the lender's risk by having access to some kind of guaranty from the borrower in case of default. An alternative way is to have a person with a proven history of good credit co-sign a loan. These co-signers are a form of guarantee diminishing the lender's risk of non-payment.

Start small, usually with a gas station or department store credit card. Charge a couple of tanks of gas. Pay the balance as soon as the bill comes in, that is pay it early. You will be on your way then to establishing good credit.
Paying your bills in good time and opening a bank account is one f the best way to establish credit.

1
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0

Related Questions

User Avatar

The best way to establish credit is to start with a secured card. With a secured credit card, your regular payments will be reported to the credit bureaus.

User Avatar

There are credit cards for "bad credit" which allows you to re-establish your credit score.

User Avatar

You need to spend to establish credit. The general steps are to establish your entity, open a bank account, secure a credit card, and begin establishing credit through purchasing.

User Avatar

To establish good credit, a person must pay back all of the money in which he/she has borrowed through loans or credit cards.

User Avatar

In order to establish business credit you need to take out a business loan or credit card. You can find info on the following site: http://www.experian.com/small-business/establish-business-credit.jsp.

User Avatar

Apply at department stores for credit or small rent to own items to establish credit

User Avatar

Credit / Debt Management provides advice and tips on how to establish credit, improve credit scores, and repair bad credit.

User Avatar

You can do that by making sure your bills are paid on time and in full. You can also get a prepaid credit card in order to establish some credit without sinking yourself too deeply.

User Avatar

google : "establish credit" Or use a credit restore company - they can help as well and get you off on a great score ;) Wayne

User Avatar

It is often difficult for one to get credit card with no credit. Some banks offer MasterCard and Visa credit cards to those who are trying to establish a credit history. One can apply for these cards through a bank and see if there is an approval. If not one might wish to try to get a department store or gas company credit card to establish credit.

User Avatar

They have to establish if you are credit worthy

User Avatar

if something ever happens to the person witht he credit then the creditor takes care of it.

User Avatar

The first step to establishing business credit is to register for a D&B D-U-N-Sยฎ Number, which is a unique, 9-digit identification number for your business. This can help you establish business credit without using your personal credit.

User Avatar

The first step to establishing a business credit is to register for a D&B D-U-N-Sยฎ Number, which is a unique, 9-digit identification number for your business. This can allow you to establish business credit without using your personal credit.

User Avatar

I am not completely sure of the age, but I am seventeen and my sister is sixteen and my mother was able to get each of us a credit card. Her purpose was also to help us establish some credit. Of course we are on her account though, but the cards are in our name.

User Avatar

Once you apply for credit, it will automatically establish a record with your information. It is a good idea to have proper knowledge in handling your credit affairs.

User Avatar

Three of the major business credit-reporting bureaus are Experian, Equifax and Dun & Bradstreet. The business must first establish an account with one of the bureaus and transfer information to that service. This process can help businesses establish credit.

User Avatar

Three of the major business credit-reporting bureaus are Experian, Equifax and Dun & Bradstreet. The business must first establish an account with one of the bureaus and transfer information to that service. This process can help businesses establish credit.

User Avatar

you give them money before hand and then they let you have a card with their logo on it (visa, mastercard, etc) as a credit card and they report to the credit bureau for you to establish credit

User Avatar

Capitol One has pre-approved credit cards for those who's credit rating may need improvement, or those who need to establish credit and build a credit history.

User Avatar

The benefits of acquiring a credit card is to build and establish credit for the future. A good credit score will get you alot of perks with companies.

User Avatar

Pay your bills on time. Don't use more than 30% of your available credit. Establish a long history of paying your bills on time.

User Avatar

First off, congratulations on graduating college. Secondly, it will typically take six to twelve months of payments with all of your accounts in good standing to establish any sort of good credit.

User Avatar

Having creditability is crucial for any business. Typically you could establish a good credit score with good record of bank account(s), employment history, residence history and utilities in your name.

User Avatar

YES! You don't have to have credit established before something bad goes on there. Anything, good or bad, that has to do with credit will show up.


Copyright ยฉ 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.